Based on a Millennial Research Study
What is your perception about financial professionals?
(N=755 Principal financial group)
Financial professionals are stockbrokers, mutual fund representatives, insurance agents, tax preparers and financial planners are all members of this group. Financial Coaches, Estate planners and bankers may fall under this category as well. In order to conduct business with the public Advisors must carry licenses.
Engaging with financial professionals today got this common perception from millennials or generation Y today. Researchers use birth years ranging from the early 1980s to the early 2000s.
1. Financial professionals have an expertise in financial services that I am not an expert in
Clients believe this since Advisors underwent so much financial training. This is a must, since advisors are selling their skill set. As a knowledgeable individual, Advisors can educate you on what would be suitable to your needs. Advisors can give insights and expose blind spots that you are vulnerable in the long term.
2. Financial professionals look out for the best interest of their client
Part of the job is to make the client happier and achieve financial security thru different strategies for such a long time. Client centered, and not product centered is the main goal. As a client you deserve to achieve that satisfaction.
3. Financial professionals are expensive to work with
Advisors are well trained and paid individuals, they put a lot of investment to it that’s why clients need to pay the right amount price for the service involved. We call it cost-benefit analysis. The advice and collaboration that an advisor can give is so valuable for a client to win, but somehow they think it is so expensive, that they cannot afford the service.
4. Financial professionals are most interested in selling a product to make commissions or fee on.
Most clients get skeptical when a financial advisor shows no empathy at all with their situation. Many financial advisors focus on the product feature than emphasizing the benefits to their client. As a client they should feel right about the product and the person selling it.
5. Financial professionals save me time
One goal of a professional advisor is to assist and guide the client make a fitting and a workable decision for the client. As a client, it is understandable that you don’t know where to start. Advisors can give you a structure and help build your financial house in a timely manner. DIY project thru researching the best suitable products is great for clients but with the help of the advisor it can be excellent in reaching financial goals just in time.
6. Financial professional provide more confidence
Education and constant follow up is the way to build relationship. The advisor should build it brick by brick thru the course of time. The more your advisor communicates and updates you with the health of the market and coming up financial strategy, gives you the ability to make a wiser decision.
7. Financial professionals only work with the wealthy
Many potential clients think this way because they feel that the money that they have is not enough that professional advisors will not really care too much. All financial professionals have a target market but since this is a profession and to become more effective, Advisors need to serve a specific market such wealthy families, low income and middle class individuals.
8. Financial professionals don’t speak in terms that I can’t understand
This is the sad truth about the advisors because some of them talk like aliens. The Advisors who communicate in a jargonized way has a deep problem understanding the client needs. Hence the reasons why most of their potential target market either run away or hide from them.
9. Others (Theory)- I am wiser than those financial professionals.
Financial professionals are not ethical.
In conclusion, financial professionals should if not maintain, exceed the level of service that they are offering nowadays. There are a lot of strengths and opportunities in the financial services industry and the research shows how we can improve from it. Financial products, its just an icing on the cake since the clients needs is the main course.
Getting personal
· What do you think about the financial services industry today?
· What types of financial advisory group needs to improve?
· Why do you think financial industry services should invest as well in low income families?
For more info about the study. Check Millennial Perceptions
If you have questions send me an email at david_angway@yahoo.com
David Isaiah Angway is a Registered Financial Planner and a Financial Evangelist
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